Insurance Buying Habits December 2014

Consumer Insurance Buying Habits Survey December 2014

Web: http://www.speedieconsulting.co.ukEmail: [email protected] Tel: 01843 831088

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Introduction

A new study* of UK consumers’ insurance buying habits has suggested that local brokers are missing out on huge opportunities to attract online sales.

Over two-thirds of Brits (70%) say buy their insurance online, with price comparison sites accounting for 44% of sales.

14% say they buy via a cashback site while just over one in five people (12%) use an online broker to buy their cover.

When asked why they didn’t use their local broker, nearly half said they felt it was cheaper to buy via a price comparison site (44%) even though most brokers will have local deal price matching or even a bettering of like-for-like pricing online.

Nearly third of people surveyed also said they didn’t know who their local broker was.

*Independent research carried out on behalf of Speedie Consultants by Google Surveys, December 2014




How do you normally buy your home, pet, motor or other insurance?

Online via a price comparison site

44%

Online via a cashback site

14%

Online via a broker

12%

On the telephone12%

In Office / Shop12%

Bank / Don't buy 6%




If you buy your insurance online, what device do you use?

PC76%

Tablet12%

Don’t buy8%

Smartphone4%




If you do not buy your insurance via a broker, what stops you?

Cheaper via Comparison Site

44%I don’t know who

they are30%

Cannot buy online via their website

12%

Cheaper to go via Cashback site

10%

I use my bank / Local office

4%




What influences the insurance you buy?

Price54%Quality of Cover

24%

Ease of Purchase8%

Cashback / Discount

8%

Combination of Factors

6%




SummaryJason Hulott, from Speedie Consultants, the digital marketing specialists who commissioned the survey, said: “We have worked with both price comparison sites and local insurance brokers and, to me, it seems that price comparison sites are only better marketers. Pound for pound in their local area a broker can compete, but they are not making themselves known in their area on price.

“It is time the local broker started to look at their marketing efforts in order to compete locally – online is a great way to attract local customers using regional and geographic targeting, and by engaging with social media”.

Mr. Hulott adds that the study also revealed that 76% of people use a desktop computer to buy insurance, suggesting that mobile transactions growth in other products has not yet translated into insurance sales – only 4% of those questioned used their smartphone to buy insurance.



Marketing

Insurance Buying Habits December 2014